New Morgan Stanley Investment Management chief, Gregory Fleming, is putting his stamp on the unit by appointing former Merrill Lynch colleague Edmond Moriarty to his leadership team. He has also hired Jeffrey Shames, the former CEO and chairman of MFS Investment Management.
Moriarty will be responsible for all operations across the investment business, including finance and risk management, according to a press release from the firm. He previously spent over 20 years at Merrill Lynch and in 2007 was named Merrill’s co-chief risk officer. When Bank of America [BAC] acquired Merrill last year he was named as a senior risk executive at the new firm.
Shames will responsible for all strategy related to Morgan Stanley Investment Management, across investment management, client service and marketing. Shames spent much of his Wall Street career at MFS Investment Management, where he started as an analyst in 1983 and worked his way up to Chairman and CEO before his retirement from the firm in 2004. He is also the executive-in-residence at the MIT Sloan School of Management.
Morgan Stanley hired Fleming from to run the investment unit in December 2009 and he took up his new post earlier this month. Fleming left Merrill Lynch shortly after its sale to Bank Of America in January 2009. Fleming was most famous on Wall Street for his role in combining Merrill’s investment business with BlackRock [BLK].
And Fleming certainly has his work cut out for him, restoring the firm’s asset management business that was hit hard by the market downturn. In the fourth quarter of 2009, the unit posted a pre-tax loss from continuing operations of $55 million.
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